Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2019

Stock-Based Compensation

Schedule of total stock-based compensation expense

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Service based awards:
Restricted stock awards	$	-	$	20,222	$	-	$	1,292,125
Restricted stock units		502,080		166,417		1,273,903		166,417
Stock option awards		596,657		427,944		1,795,819		967,377
		1,098,737		614,583		3,069,722		2,425,919
Performance based awards:
Restricted stock units		(332,389)		-		468,814		-
Stock option awards		110,065		-		356,505		-
		(222,324)		-		825,319		-
Total	$	876,413	$	614,583	$	3,895,041	$	2,425,919

Schedule of restricted stock award

A summary of the Company’s restricted stock awards during the nine months ended September 30, 2019 is as follows:

			Weighted Average
			Grant-Date
	Number of Shares		Fair Value
Unvested at December 31, 2018	146,800	$	5.70
Unvested at September 30, 2019	146,800	$	5.70

A summary of the Company’s restricted stock awards during the nine months ended September 30, 2018 is as follows:

			Weighted Average
			Grant-Date
	Number of Shares		Fair Value
Unvested at December 31, 2017	480,000	$	7.27
Forfeited	(333,200)		5.70
Unvested at September 30, 2018	146,800	$	5.70

Restricted stock units - Service based awards

Stock-Based Compensation

Schedule of restricted stock award

			Weighted Average
			Grant-Date
	Number of Shares		Fair Value
Unvested at December 31, 2018	472,959	$	4.32
Granted	222,497		4.26
Forfeited	(4,950)		4.81
Vested	(96,542)		4.70
Unvested at September 30, 2019	593,964	$	4.23

Restricted stock units - Performance based awards

Stock-Based Compensation

Schedule of restricted stock award

			Weighted Average
			Grant-Date
	Number of Shares		Fair Value
Unvested at December 31, 2018	988,958	$	4.48
Unvested at September 30, 2019	988,958	$	4.48

Stock option awards - Service based awards

Stock-Based Compensation

Schedule of stock options activity

A summary of the Company’s service based stock option activity for the nine months ended September 30, 2019 is as follows:

				Weighted
			Weighted	Average
	Shares		Average	Remaining		Aggregate
	Underlying		Exercise	Contractual		Intrinsic
	Options		Price	Term		Value
Outstanding at December 31, 2018	7,856,480	$	7.50	5.2	$	-
Granted	576,477		4.17	9.2		12,074
Exercised	(30,000)		4.93	-		-
Forfeited	(620,700)		6.34	-		-
Outstanding at September 30, 2019	7,782,257	$	7.35	5.1	$	12,074
Exercisable at September 30, 2019	6,340,901	$	8.07	4.2	$	-

A summary of the Company’s service based stock option activity for the nine months ended September 30, 2018 is as follows:

				Weighted
			Weighted	Average
	Shares		Average	Remaining		Aggregate
	Underlying		Exercise	Contractual		Intrinsic
	Options		Price	Term		Value
Outstanding at December 31, 2017	6,906,001	$	7.92	5.0	$	976,335
Granted	1,337,271		4.96	9.4
Exercised	(5,000)		6.59	-
Forfeited	(190,167)		6.59	-
Outstanding at September 30, 2018	8,048,105	$	7.46	5.2	$	365,135
Exercisable at September 30, 2018	6,248,160	$	7.90	4.1	$	365,135

Schedule of Stock Option Assumptions

	Nine Months Ended September 30,
	2019	2018
Exercise price	$2.39 - $6.21	$4.52 - $5.75
Expected stock price volatility	67.5% - 70.3%	67.5%
Risk-free interest rate	1.4% - 2.6%	2.7% - 2.9%
Term (years)	5.25 - 6.5	5.0 - 6.5

Stock option awards - Performance based awards

Stock-Based Compensation

Schedule of stock options activity

			Weighted Average
			Exercise
	Number of Shares		Price
Outstanding at December 31, 2018	388,125	$	4.70
Outstanding at September 30, 2019	388,125	$	4.70
Exercisable at September 30, 2019	-	$	-